| SEC sues Coinbase for violating securities laws; Sequoia Capital to split into three companies (June 7)
headlines
headlines
SEC sues Coinbase for violating securities laws
In its lawsuit against Coinbase, the SEC argues that the exchange has never registered with the SEC as a broker, national securities exchange or clearinghouse, and has never received any exemptions, thereby circumventing the disclosure regime established by Congress for securities markets in the United States , flouting regulation; all along, Coinbase has collected billions of dollars from investors through collecting fees and other means, but has not given the disclosure and investor protection required by registration, thus putting investors at great risk Medium; Coinbase violated the separation of key functions of the securities market; operating as an unregistered broker, it provided investors with two other violating services: Coinbase Prime, Coinbase Wallet; Coinbase violated the Howey test, making the Howey test standard Cryptocurrency assets deemed to be securities are traded; Coinbase’s staking program service, which charges investors 25-35% commission, violates SEC securities laws.
Sequoia Capital will be split into three companies, and Sequoia China will be renamed HongShan
Ten U.S. states have taken legal action against Coinbase for violating securities laws
cryptocurrency
cryptocurrency
According to Lookonchain data monitoring, after the US Securities and Exchange Commission (SEC) sued Binance, Cumberland withdrew 67.9 million USDC from Circle and deposited 67.1 million USDC into Coinbase; FalconX received 37 million USDC from Circle. USDC, and deposited 29.5 million USDC into Binance; FBG Capital deposited all 44 million USDT into Binance.
MakerDAO has transferred $500 million in USDC to Coinbase Custody
Coinbase Institutional tweeted that MakerDAO has transferred $500 million to Coinbase Custody as the first step in its USDC Institutional Rewards Program launching in Q4 2022. According to reports, Coinbase’s custody division will pay a 2.6% annual rate of return on deposits, and USDC rewards are calculated on a monthly basis. Coinbase does not charge any fees to participate in the rewards program or to host USDC.
According to Lookonchain monitoring, a giant whale quickly sold 10,265 ETH (approximately US$19.1 million) after the US SEC sued Binance and before the market fell sharply, with an average selling price of US$1861.
Project News
Project News
Binance NFT Marketplace Now Allows Users to Deposit Bitcoin NFTs
NFT marketplace Mint Square announces it will end trading market services on June 30
According to official news, Worldcoin issued a document introducing its solution to verify identity and uniqueness using iris biometric technology. The system verifies uniqueness by encoding iris texture into iris code. The paper illustrates how combining deep learning models for image quality assessment and image understanding with traditional feature extraction techniques enables the system to accurately verify uniqueness on a global scale.
Investment and Financing
Crypto Gaming Startup Argus Labs Closes $10M Seed Round Led by Haun Ventures
Investment and Financing
Crypto Gaming Startup Argus Labs Closes $10M Seed Round Led by Haun Ventures
Former Citi senior trading executive launches new crypto fund to raise $300 million, has raised about $60 million
Bitcoin-denominated life insurance provider Meanwhile completes $19 million funding round led by OpenAI CEO
Blockchain e-receipt provider WaveBL completes $26 million funding led by NewRoad Capital Partners
Blockchain-based electronic bill provider WaveBL announced the completion of $26 million in financing, led by NewRoad Capital Partners, ZIM, Marius Nacht, Contour Venture Partners, Frank Sica and Techstars Central LLC and other existing investors and new investors Reefknot Investments ( backed by Temasek and Kuehne+Nagel) and others. Using proprietary blockchain technology to transmit trade documents electronically, WaveBL's solutions enable instant, encrypted and authenticated transmission of electronic bills and related trade documents.
global policy
Goldman Sachs: The Fed is "very likely" to raise interest rates by 25 basis points in July, raising the terminal rate forecast to 5.25%-5.5%. (Golden Ten)
character * voice
character * voice
SEC Chairman Gary Gensler: Encryption is the Wild West
In a Bloomberg live broadcast, SEC Chairman Gary Gensler expressed his opinion on "the recent SEC sanctions on a series of encrypted trading platforms." He said that exchanges such as Binance fabricate trading volumes, and there are corruption issues. Each encrypted platform only creates wealth for itself. They are competing with users. It is difficult for us to trust these "Casino Operators" to protect investor interest. The institutional boundaries and business models applicable to crypto systems have not been seen in any other financial field, and Crypto is still the Wild West (Wild West).
Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam will appear today at a House Agriculture Committee keynote hearing on "Providing Clarity to Digital Asset Spot Markets," and his testimony has now been released. Rostin emphasized that Congress should take legislative action to address the lack of federal oversight of digital commodity markets, arguing that this would help protect customers, ensure market resilience and stability, and prevent risk contagion into the traditional financial system. Rostin added that the goal of regulation should be to protect client assets, monitor trading activity, prohibit conflicts of interest, and enforce strict cybersecurity standards, among other things. Additionally, Rostin called on Congress to provide the necessary funding to ensure regulators have the resources to carry out their new regulatory responsibilities.
